The United States Department of Commerce, International Trade Administration, U.S. Commercial Service is organizing a Trade Mission to Nigeria arrives Lagos this Monday for a week long trade mission to the country.
The businessmen are  helping U.S. firms find business partners and sell equipment and services in Lagos and Abuja.
Targeted sectors include, but are not limited to, energy and power generation, health care, information technology, transportation and construction. The mission will be led by a senior official and will include business-to-business matchmaking with local companies, market briefings, and meetings with key government officials.
An official of the Department of Commerce told BusinessWorld that the trade mission will be made of operators from twelve different sectors. The mission aims to help facilitates networking’s and meetings among business people in information & technology, energy, health care, transportation and construction sectors.
With democracy taking root in Nigeria – Africa’s largest market – and the economy witnessing steady growth – 7.85 percent in 2010 -  many economy observers have identified Nigeria as a fertile market for investors.“Nigeria is the most populous nation in Africa and has one of the continent’s fastest growing economies, creating a significant demand for infrastructure development in that country,” said Mr. Josiah Osibodu, president Osibodu & Associates Exporting USA, LLC in a statement made available to Nigerians Abroad news wire.Osibodu & Associates is a broker firm dedicated to exporting U.S. manufactured goods such as construction building products, commercial fertilizers, and other commodities to companies in Nigeria, West Africa. Mr. Osibodu identifies his  company’s unique positioned to facilitate transactions through built relationships with Nigerian importers, U.S. manufacturers and freight forwarding companies as its advantage. The trade mission is part of President Obama’s National Export Initiative designed to stimulate U.S. businesses and foster new business relationship across the Atlantic.
As a major exporter of oil to the United States, Nigeria has become an important focus for the National Export Initiative, as they seek to improve the export / import trade between the two countries. According to the U.S. Department of Commerce in 2010, Nigeria and the United States had a trade deficit of nearly $24 billion, up from $15 billion in 2009.
In 2009, the Nigerian economy was among the top 20 fastest growing in the world at 6+%, and is one of the two largest economies in Africa. The International Monetary Fund projects Nigeria’s economy to continue to grow at 6+% for the next 4 years. With a population of 150 million people, the largest in Africa and 8th largest in the world, Nigeria has a thriving consumer market. Total U.S.-Nigeria trade did fall from $3.4 trillion to $2.6 trillion in 2008 and 2009 but is expected to surge in conjunction with Nigeria’s growing economy. U.S. exports to Nigeria in 2009 consisted mostly of cereals, vehicles, machinery, fuel and aircraft.
There is significant business potential for U.S. businesses willing to conduct due diligence and draw on Commercial Service assistance in screening prospective partners and customers in Nigeria, a Department of Commerce statement indicated.
The goal of the Nigerian Trade Mission is to provide U.S. participants with first-hand market information, access to government decision makers, and one-on-one meetings with business contacts, including potential agents, distributors and partners, so they can position themselves to enter or expand their presence in the Nigerian market. A presence in Nigeria can be used to enter other West African markets, allowing for better market penetration/saturation.